Security

New 'Open Payments' Platform for Developers

By Adrian Bridgwater, October 05, 2010

Development option claims to avoid legacy systems as well as operational and regulatory risks

Electronic payments specialist Ixaris has uncovered its new application development and operating platform targeted at financial institutions who want to tap into the growing market for so-called 'open payments' online.

Ixaris says that its new Ixaris Opn platform avoids what it describes as "cumbersome" integration with banks’ own IT systems, to enable developers to create payment applications for specialized market segments.

Claiming to have a long history of partnering with global payment networks such as Visa and MasterCard, Ixaris wants to offer financial institutions the means to offer payment services through a publicly-accessible application development platform.

"The development community can use this platform to create customized payment apps that can incorporate mainstream payment networks such as Visa or MasterCard prepaid cards, and bank transfers via SWIFT," says the company.

Ixaris notes that Opn manages all facets of the payments lifecycle, including fraud and compliance oversight so that developers can then customize, combine and link to re-usable payment components called Paylets in order to create fully branded payment applications.

Alex Mifsud, CEO of Ixaris, said, "With the rise of alternative payment solutions, mainstream financial services providers are facing increased pressure to bring new products to market but they are hampered by legacy systems as well as operational and regulatory risks. The development community on the other hand is demanding an open loop payment solution that will allow application providers to charge for use of the application and benefit from a share of revenue."

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